Resolv Labs' stablecoin, USR, has depegged from its peg to the US dollar after an attacker exploited its contract to mint millions of tokens. The attacker was able to create 80 million unbacked USR tokens by depositing $100,000 worth of USDC into the token's contract.
The attack comes as a surprise given the recent decline in crypto-related hacks, with only $49 million lost to exploits in February compared to $385 million in January. However, attackers have increasingly turned to phishing scams over protocol exploits.